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Otter Tail Corporation Reports Record Revenues and Net Income From Continuing Operations for 2007; Earnings Per Share of $1.78; Board Approves Dividend Increase
Date:2/5/2008

vity gains. DMI's 2007 operating expenses include $2.0 million in pre-production start-up costs for its new plant in Tulsa, Oklahoma. The new plant is on line and started producing towers in January 2008. At ShoreMaster, Inc., revenues increased $15.9 million and net income increased $1.4 million as a result of strong commercial and residential sales. The Aviva Sports product line, acquired by ShoreMaster in February 2007, contributed $3.7 million to the increase in revenues. At BTD Manufacturing, Inc., revenues increased $3.5 million, mainly related to the acquisition of Pro Engineering in May 2007, while net income was unchanged. At T.O. Plastics, Inc., revenues increased $2.4 million while net income decreased $0.4 million mainly due to increases in labor, benefit and depreciation expenses.

Health Services

Health services segment revenues and net income were $130.7 million and $1.4 million, respectively, in 2007 compared with $135.1 million and $2.2 million in 2006. Scanning and other related service revenues decreased $3.2 million while revenues from equipment sales and service decreased $1.2 million. Cost of goods sold decreased $4.5 million. The decreases in equipment sales revenues and cost of goods sold reflect a shift from traditional dealership distribution of products in 2006 to more commission-based compensation for sales to customers in 2007. A $1.2 million increase in operating expenses contributed to the decrease in health services net income.

Food Ingredient Processing

The food ingredient processing segment recorded revenues of $70.4 million and net income of $4.4 million in 2007 compared with revenues of $45.1 million and a net loss of $4.1 million in 2006. The increase in revenue was the result of an increase in pounds of product sold combined with an increase in the price per pound of product sold. The increase in revenue combined with a decrease in the cost per pound of product sold were the main factors contributing t
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SOURCE Otter Tail Corporation
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